China’s Oil Hunger Starts To Fall As It Begins To Go Green
China, the world’s largest oil importer, may have reached a period of peak demand. This could mean a drop in the need for production outside the country. More importantly, it is a sign that China is going green.
The news is bad for Russia and Iran, each of which exports large amounts of crude to China.
China’s Move Toward Solar
China’s green growth has been particularly strong in the solar sector. Ember Energy recently pointed out, “In 2023, clean power made up 35% of China’s electricity mix, with hydro the largest single source of clean power at 13%. Wind and solar hit a new record share of 16%, above the global average (13%). China generated 37% of global wind and solar electricity in 2023, enough to power Japan.”
If China’s crude oil and coal use drops quickly, it could be a game changer. The effect on global warming could be significant.
Where Will Oil Demand Come From?
However, there is one loser in the equation. According to Semafor, “If China manages to reduce its oil consumption by a third, where else in the world are we going to make up… demand in the future?” the energy expert Nat Bullard said recently. The production drop would be a problem for every large oil-producing nation, including the US, winning the world.
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